USD Exchange Rate Today (September 22, 2024)

Early morning of September 22, 2024, the State Bank announced the central exchange rate of Vietnamese Dong to USD decreased by 24 VND per week, currently at: 24,148 VND.

The USD Index (DXY), which measures the greenback’s performance against six major currencies, fell 0.37% to 100.74 this week.

USD Exchange Rate in the World Last Week

The dollar fell 0.41% to 100.71 on Monday as expectations grew that the Federal Reserve could deliver a big rate cut later this week. Meanwhile, U.S. Treasury yields fell ahead of the Fed meeting, with bets for a 50 basis point cut rising. The benchmark 10-year yield has fallen 30 basis points in about two weeks. The two-year yield, which is more closely tied to monetary policy expectations, fell 2.5 basis points to 3.55%, down from around 3.94% two weeks ago.

However, on September 18, the greenback rose 0.25% to 101.01 amid better-than-expected retail sales data, which supported the Fed’s more dovish stance. Data from the US Commerce Department released on September 17 showed that US retail sales unexpectedly rose 0.1% in August, suggesting the economy remained solid in the third quarter.

The DXY index had a volatile trading session on September 19 after the Fed cut interest rates by 50 basis points at its policy meeting the day before, with the belief that inflation will continue to fall to the US Central Bank’s annual target of 2%. Accordingly, the Fed cut the overnight interest rate to a range of 4.75% – 5.00% and policymakers said that the Fed’s benchmark interest rate will be reduced by another 50 basis points by the end of this year, another 100 basis points in 2025 and a final 50 basis points in 2026, until the interest rate returns to the range of 2.75% – 3.00%.

The dollar’s rally came to a halt on September 20, falling 0.38% to 100.64 as markets grappled with the Fed’s 50 basis point rate cut and its shift to an easing stance. Money markets are pricing in a total of 72 basis points of cuts by 2024 and 192 basis points by September 2025. The U.S. Treasury yield curve, which measures the gap between 2-year and 10-year Treasury yields and is seen as an indicator of economic expectations, has been inflating to its highest level since June 2022.

Still, the greenback ended the week up 0.12% at 100.74. Markets are pricing in a 49% chance of another 50 basis point rate cut in November and predict a total of 74.8 basis points of cuts by the end of the year. The Fed’s policy rate is expected to be 2.85% by the end of 2025.

Domestic USD Exchange Rate Today

In the domestic market, at the beginning of the trading session on September 22, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD decreased by 24 VND this week, currently at 24,148 VND.

The reference exchange rate at the State Bank’s transaction office has slightly decreased, currently at: 23,400 VND – 25,305 VND.

USD Exchange Rate at Commercial Banks

EUR Exchange Rate at Commercial Banks

The EUR exchange rate at the State Bank’s buying and selling exchange center increased slightly, currently at: 25,603 VND – 28,298 VND.

Japanese Yen Exchange Rate at Commercial Banks

The Japanese Yen exchange rate at the State Bank’s exchange office has increased slightly, currently at: 161 VND – 178 VND.